Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu (SHIB) bucked its two-day bullish streak after its price fell by 2.46% in the past 24 hours to $0.00001022, according to data from CoinMarketCap. Despite the gloom on the market today, the digital currency is still maintaining a resilient front as bulls are refusing to give up one zero to market bears.
With the current outlook of Shiba Inu, weekly growth is still promising at 9.68%, a price level that implies that a recovery attempt will be targeted to reclaim lost levels on the daily chart. To achieve this, three key catalysts are essential.
Catalysts for Shiba Inu (SHIB) growth
The prices of digital currencies fall whenever there is a strong sell-off on the market. At the moment, this is evident in the Shiba Inu ecosystem following the 35.12% drop in daily trading volume. If any reversal is underway, it will begin with a resurgence in buying momentum, as will be marked by this daily volume metric.
A disturbing trend in Shiba Inu this week is a sustained drawdown in the on-chain burn rate. Despite the promises of a mega burn by Shibarium lead developer Shytoshi Kusama, there was no significant shift in the burn rate this week. Data from Shibburn currently shows that this metric is down by 61.47%, as only 1,019,670 SHIB were burnt overnight.
For a mainstream SHIB recovery, the burn rate outlook has to change considerably.
The third catalyst is the whale action in the Shiba Inu ecosystem. For a wholesome SHIB revival, whale accumulation of the token for safekeeping needs to stay elevated.
D3 partnership and impact
After so much suspense, the D3 "partnershib" was unveiled on Dec. 19, ushering in a new era that might be characterized by the emergence of ".SHIB" domain names moving forward.
While the current drawdown came after this partnership news, there is a likelihood that the D3 connection might also play a vital role in the future performance of SHIB moving forward.
Vladislav Sopov
Yuri Molchan
Tomiwabold Olajide
